Question

The assets (in billions of dollars) of the four wealthiest people in a particular country are 41, 34, 22, 16. Assume that samples of size n= 2 are randomly selected with replacement from this population of four values. 

a. After identifying the 16 different possible samples and finding the mean of each sample, construct a table representing the sampling distribution of the sample mean. In the table, values of the sample mean that are the same have been combined. Probability 41 37.5 34 31.5 28.5 (Type integers or fractions.) 

b. Compare the mean of the population to the mean of the sampling distribution of the sample mean. v the mean of the sample means, I. The mean of the population, (Round to two decimal places as needed.) 

c. Do the sample means target the value of the population mean? In general, do sample means make good estimates of population means? Why or why not? The sample means the population mean. In general, sample means make good estimates of population means because the mean is estimator.

Answer 1

2 xl Probability Probability 2/16 31.5 2/16 2/16 1/16 34 31.5 - 98.5 2/16 2/16 92 19 16 2 /16 vis ne mean tion The mean of the population (28.25 mean of the sample means (28.25 is equal to] (c) @ target arget o do S an enbared